Self-insured retention (SIR),
Definition of Self-insured retention (SIR):
Amount specified usually in a liability insurance policy that the insured must pay before the insurance company (insurer) pays. Unlike a deductible (which the insured pays to the insurer), SIR is paid directly to the claimant by the insured.
How to use Self-insured retention (SIR) in a sentence?
- When considering a liability policy, the consumer must look for the self-insured retention amount to ensure it is feasible for them to cover such a cost with the assets they have available.
- Weve set the self-insured retention amount to one hundred dollars, which should be sufficient for any foreseeable incidents occurring in the new inner city fast-food franchise weve just opened.
- Given the lack affordability that currently exists in the workers compensation insurance marketplace, the best option available included a self-insured retention obligation.
Meaning of Self-insured retention (SIR) & Self-insured retention (SIR) Definition